Focusing on Thailand's Biotechnology Industry

1. Agriculture and Biotechnology
Ready for Future Growth
The world’s first ever dengue
vaccine, a historic milestone
paving the way to significantly
impact dengue burden in
endemic countries.
Crickets - from insects to
food revolution
THAILAND BOARD OF INVESTMENT
www.boi.go.th
February 2017
vol. 27 no. 2

2. Thailand Investment Review
Petrochemicals
48 projects
1,058 M
Medical
13 projects
194 M
Textile & Garment
11 projects
369 M
Electrical & Electronics
81 projects
1,766 M
Agro Processing
55 projects
335 M
Tourism
11 projects
262 M
Digital
180 projects
50 M
Automotive
47 projects
1,949 M
Aerospace
5 projects
78 M
2 i February 2017
Foreign investment by target sector
boi net application
(January-Decemcer 2016)
Automation & Robotics
10 projects
35 M
tir content February 2017
02 I BOI Net Application
03 I Cover Story
Agriculture and Biotechnology Ready for Future
Growth
05 I Industry Focus
Thailand is gearing up to becoming Asia’s
biotechnology center
07 I Short Article
The world’s first ever dengue vaccine, a historic
milestone paving the way to significantly impact
dengue burden in endemic countries.
08 I Company Interview
Crickets - from insects to food revolution
10 I Missions and Events
News Bites
11 I Thailand Economy-At-A-Glance
12 I About BOI
Total investment
1,546 projects
16,545.27 Million
Total foreign
investment
908 projects
8,522.89 Million
USA
29 Projects
263 M
Indonesia
3 Projects
140 M
Australia
27 Projects
341 M
Taiwan 42 Projects
188 M
Netherlands
41 Projects
847 M
Japan
264 Projects
1,627 M
South Korea
35 Projects
254 M
Hong Kong 37 Projects
570 M
China
104 Projects
921 M
Singapore
107 Projects
1,054 M
THAILAND
Unit: US$ (US$ = 35.3182 THB )
Note: Investment projects with foreign equity participation from more than one
country are reported in the figures for both countries / Statistics on net applications are
adjusted whenever applications are returned to applicants due to insufficient information.
For more details, please see link http://www.boi.go.th/index.php?page=Report_investment
Foreign investment by major economies

3. Thailand Investment Review
FEBRUARY 2017 I 3
COVER STORY
Agriculture and Biotechnology Ready
for Future Growth
sector to ease problems faced by Thai farmers
and to support national development by
transitioning to “smart farming.”
The reform focuses on seven areas. The
first seeks to designate agricultural zoning in
all provinces in accordance with each area’s
geographical and climatic conditions. An “Agri
Map” will be adopted to suggest farmers grow
crops suitable for their respective farmland.
The second involves the establishment
of 882 learning centers to increase the
efficiency of agricultural production. Each
district will have one learning center of this
kind, harnessing big data analytics to ensure
increased stability in food prices. Technologies
will also be used to reduce wastage, better
monitor crop conditions and to adopt improved
weather forecast systems. In the third area,
the grouping of farmers and farmland will be
promoted for greater efficiencies, which will
enhance cooperation between farmers and
the public and private sectors, in the form of
“Public-Private-People Partnerships.”
The fourth seeks to encourage farmers to
produce in response to market demand. They
will also be urged to upgrade their products
to international standards to make them more
T
he agriculture sector and biotechnology
industry have become strong pillars of
the Thai economy and are transforming
Thailand into a knowledge-based and value-
added economy, making them strategically
important to the country’s future development
plans. Both were also designated among the 10
future industries to drive Thailand’s economic
development as new growth engines.
Progressive developments in both sectors
are leading to improved applications across
the medical, aquatic, agricultural and industrial
fields. With a reputation as the “kitchen to the
world” and the medical hub of Asia, Thailand
is solidifying its position as a global leader in
agriculture and a biotech powerhouse, and
remains one of the top 10 food exporters in
the world. In these highly competitive sectors,
Thailandisworkingtoimproveitscompetencies
in biotechnology and agriculture, and will raise
its competitiveness and capabilities even
further in the coming years.
Smart Growth, Smart Farmers
As part of the Thai government’s move to
smart growth and Thailand 4.0, the government
has adopted a policy to reform the agriculture

4. Thailand Investment Review
4 I FEBRUARY 2017
and feed of the future”, which will produce
ingredients to substitute for chemicals, and
biopharmaceuticals.
The first development will focus on tapioca
and sugar cane, where 10 million farmers are
engaged in expanding and diversifying into
other farm products. Sugar cane and tapioca
are now used as raw materials for many
industries such as ethanol, bioplastics, food,
bioenergy and biopharmaceuticals.
Securing leadership in
agro-production
Thailand is among the world’s top exporters
of cassava and sugarcane. The scheme is
expected to increase the value of cassava by
THB 100 billion (USD 2.9 billion) per year and
sugarcane by THB 300 billion (USD 8.6 billion)
per year, and increase farmers’ incomes by
THB 75,000 (USD 2,141) per person per year,
by the end of the 10-year program. The private
investment portion in the 10-year development
plan is expected to reach THB 400 billion (USD
11.4 billion).
Dr. Jatusripitak said that this is the right
time to implement such a development
plan, reiterating that the bioeconomy will help
increase income in the farm sector, which
covers half of the Thai population. Farmers
could improve incomes, more than 20,000 jobs
would be created in production and research,
while bioproducts should substantially reduce
emissions of carbon dioxide from the exploita-
tion of fossil fuels, he added.
Dr. Jatusripitak also specified that bio-
economy development should be focused in
the Eastern Economic Corridor (EEC), which
will run through Chachoengsao, Chonburi, and
Rayong, in addition to Khon Kaen province,
which is a key location for sugarcane cultivation.
Biotechnology and bieconomy projects will be
among the first that the government backs
in the EEC with a total of THB 1.5 trillion
(USD 42.8 billion) over the next 10 years.
The corridor has been designated for
development as a high-tech industry cluster,
with an eye towards becoming Asean’s leading
economic zone for industrial, infrastructure and
urban development. Dr. Jatusripitak added
that the government expects to see concrete
projects coming up by the end of this year.
This sharpened focus and support for agri-
culture and biotechnology are seen as instru-
mental in the government’s efforts to upgrad-
ing Thailand’s competitiveness, and building
a strong economic foundation for sustainable
growth.
competitive in world markets. Organic produce
is one such category for which farmers can
tap into fast-growing demand in Thailand. In
the fifth area, banks for agricultural products
will be set up through the grouping of farmers
and their participation in management to
better improve farm inventories.
The sixth area seeks to promote teamwork
through a “single command” system in order
to translate and execute the reform plan into
action by improving on reporting lines with the
provinces. This system will be overseen by the
Ministry of Agriculture and Cooperatives. The
seventh area initiated reductions in agricultural
production costs, for example, reducing rice
farming in favor of other cash crops in line with
the country’s water resource management
plan. With the anticipated drop in production,
the price for rice will increase. These areas will
contribute to greater opportunities for farmers,
which will also enable more competitiveness
for Thailand’s agriculture sector.
Deputy Prime Minister, Dr. Somkid
Jatusripitak, fully supports the continuation
of agricultural reform, particularly the smart
farmer project to help farmers develop their
own businesses.
“Farmers need to get more training to sell
or export their products via e-commerce,
while agricultural communities should have
their own brands,” he said. “The farm sector
will be supported with machinery in order to
cut their production costs, and the Bank for
Agriculture and Agricultural Cooperatives, the
Agriculture Ministry and Village Funds are
required to engage more in farm sector reform.”
Biotechnology as a growth-driver
The reform drive is wide-ranging, as the
government and the private sector also
recently launched an ambitious bioeconomy
development plan under a public-private
collaborative scheme to promote more private
investment in biotechnology-related businesses.
Twenty-three organisations from govern-
ment units, the private sector, educational
institutes and research centers signed a
memorandum of understanding to drive bio-
technology development, contributing to the
wider bioeconomy.
Industry Minister, Uttama Savanayana,
said the investment was expected to come
from both domestic and foreign investors
interested in bio-industry projects that would
turn economic crops into high-value products.
These would include bio-energy (such as
ethanol and biomass power), bio-plastics, “food
Deputy Prime
Minister,
Dr. Somkid
Jatusripitak,
fully supports
the continuation
of agricultural
reform,
particularly the
smart farmer
project to
help farmers
develop
their own
businesses.

5. Thailand Investment Review
FEBRUARY 2017 I 5
INDUSTRY FOCUS
Defining Biotechnology
At its simplest, biotechnology is technology
based on biology. Biotechnology harnesses
cellular and biomolecular processes to develop
technologies and products that help improve
our lives and the health of our planet. We have
used the biological processes of microorganisms
for more than 6,000 years to make useful
food products, such as bread and cheese, and
to preserve dairy products.
Modern biotechnology provides break-
through products and technologies to combat
debilitating and rare diseases, reduce our
environmental footprint, feed the hungry, use
less and cleaner energy, and have safer, cleaner
and more efficient industrial manufacturing
processes.
Currently, there are more than 250 bio-
technology health care products and vaccines
available to patients, many for previously un-
treatable diseases. More than 13.3 million
farmers around the world use agricultural
biotechnology to increase yields, prevent
damage from insects and pests and reduce
farming’s impact on the environment.
Global scale, universally significant
Based on its applications, the global bio-
technology market is divided into the bio-
pharmaceutical, bioservices, bioagriculture, bio-
industrial segments. The entire market was
valued at approximately at THB 11.56 trillion
(USD 330.3 billion) in 2015, and is expected
to reach THB 14.5 trillion (USD 414.5 billion)
by the end of 2017, and upwards of THB
27 trillion (USD 775.2 billion) by 2024, which
is at an average annual growth rate well into
the double-digits, according to a new research
report by Global Market Insights, Inc.
Increasing demand for agricultural and
food products due to the growing population
is positively impacting the growth of the
industry. Factors such as limited availability
of agricultural land, water shortages, the low-
yielding crops, and pests are encouraging
researchers to develop innovative agricultural
technologies through extensive R&D activities.
According to BCC Research, the global market
for agricultural biotechnology is expected to
reach THB 1.6 trillion (USD 46.8 billion) by
2019, with a five-year compound annual growth
rate of 11%. The biotechnology tools category,
the fastest growing segment of the market is
growing at a phenomenal 49.9% CAGR.
An increase in government funding and
widespread technological advancements has
allowed Thailand’s biotechnology industry to
experience a high growth rate in recent years.
Mr. Rutjawate Taharnklaew, Vice President
of Betagro Research & Development Center,
An increase in
government
funding and
widespread
technological
advancements
has allowed
Thailand’s
biotechnology
industry to
experience a
high growth
rate in recent
years.
Thailand is
gearing up to
becoming Asia’s
biotechnology
center

6. Thailand Investment Review
6 i February 2017
said that there are three major segments in
this industry in Thailand which have been
growing significantly and still have considerable
potential for future growth, which are, medical-
biotechnology, agriculture-bio-technology, and
cosmetic-biotechnology.
Government efforts in gearing
Thailand to become Asia’s
biotechnology center
The government of Thailand has been
aggressively promoting growth and fostering
developments in biotechnology, in an effort
to transform Thailand into the center of
biotechnology in Asia.
The government established the National
Center for Genetic Engineering and Biotech-
nology (BIOTEC) laying a solid foundation for
future biotech developments.
The government launched the Biotech-
nology Development Policy Framework
2012-2021, a collaboration between the
National Science Technology and Innovation
Policy Office (STI) and BIOTEC. This multi-
billion baht plan aims to promote sustainable
growth in the biotechnology industry
through research funding, strategy mapping
and investment incentives. Under this
policy framework, a strong emphasis will
be placed on enhancing R&D in the
private sector and utilizing the intellectual
capital created from the biotech revolution
to strengthen the country’s overall competi-
tiveness.
The preferred destination for biotech
companies
Biotechnology companies in Thailand enjoy
a variety of competitive advantages including
intellectual property protections and a robust
and technically-equipped workforce. Currently,
24 universities across the country have the
combined capacity to supply approximately
7,000 students with a biotechnology back-
ground each year.
In Thailand, as it is located in a hot and
humid climatic zone, which supports a variety
of tropical ecosystems and provides wider
niches for organism’s survival. The country is
able to support a much larger variety of plant,
animal and microbe species. Thailand has
approximately 15,000 species of plant which
account for approximately 10% of estimated
total number of plant species found globally
according to European and Mediterranean
Plant Protection Organization (OEPP). This is
an advantage to the country to be a research
hub for this growing biotechnology field.
In addition, well-established infrastructure
including various pilot plants in Thailand, such
as one at Fermentation Technology Research
and Service Center (FTC) located at the Faculty
of Agro-Industry of Kasetsart University, which
operates at the capacity of 500 liters, a
collaboration of both private and public sectors,
namely, Betagro, Agricultural Research Develop-
ment Agency (ARDA) under the Ministry of
Agriculture, and Kasetsart University. There
are also several more pilot plants located in
Mahidol University, King Mongkut’s University
of Technology Thonburi, and Chulalongkorn
University at a greater scale of 1,000-3,000
liters capacity. These pilot plants allow
companies and even startups to scale up
their research before commercializing their
innovations. Government and organizational
support is also provided through the National
Science and Technology Development Agency
(NSTDA), which is home to four national
research centers (BIOTEC, MTEC, NANOTEC,
and NECTEC) and one technology management
center (TMC). NSTDA acts as a bridge between
the requirements of academic research and
innovation in the industry.
Thailand Science Park (TSP), the first
technology and innovation hub of Thailand,
serves as a one-stop service center to assist
both foreign and local companies engaged in
scientific and technological research. TSP is a
key hub for research and development where
specialists and researchers from industry,
academia and NSTDA collaborate to further
inspire and stimulate the formation and growth
of knowledge-based businesses. A network
of 1,600 full-time researchers and technicians, of
which around 400 hold doctorate degrees, can
be found at TSP. TMC also provides important
support in biotechnology through its Technology
Licensing Office (TLO), which is responsible
for the licensing of intellectual property.
The Board of Investment (BOI) is doing its
part to support the growth and development
of the biotechnology sector. BOI investment
incentives for biotechnology companies in
Thailand include a tax exemption on import
duties on machinery, an 8-year exemption of
corporate income tax, an additional 5-year 50%
reduction of corporate income tax on net profit,
a 10-year double deduction on transportation,
electricity and water supply costs, and a deduct-
ion from net profit of 25% of investment in
infrastructure installation and construction costs.
Under
this policy
framework,
a strong
emphasis will
be placed
on enhancing
R&D in
the private
sector and
utilizing the
intellectual
capital
created from
the biotech
revolution to
strengthen
the country’s
overall
competitive-
ness.

7. Thailand Investment Review
FEBRUARY 2017 I 7
Getting to know Dengue
Dengue is a mosquito-borne flavi-virus
disease that has spread to most tropical
and many sub-tropical areas. The disease is
caused by four closely related viruses, the
Dengue viruses 1-4. There are no specific
dengue therapeutics and prevention is
currently limited to vector control measures.
A dengue vaccine would therefore represent
a major advance in the control of the disease.
According to the World Health Organiza-
tion (WHO), dengue is the fastest growing
mosquito-borne disease in the world today,
causing nearly 400 million infections every
year across more than 120 countries around
the world. Most survive with few or no
symptoms, but more than two million annually
develop what can be a dangerous dengue
hemorrhagic fever, which kills more than
25,000 people each year. Globally, dengue is
estimated to cost USD 9 billion annually in
direct and indirect costs.
In 2016, the number of dengue fever
and dengue hemorrhagic fever (DHF) cases
in Thailand totals in 63,310 people from
representing all 77 provinces, according to
the Thai Ministry of Public Health.
Dengvaxia, the world’s first ever
dengue vaccine, a major innovation
and a public health breakthrough.
The growing global epidemic of dengue
is of mounting concern, and a safe and
effective vaccine is urgently needed.
Over three decades of scientific innovation
andcollaborationin5countries,namely,Vietnam,
Philippines, Indonesia, Malaysia, and Thailand.
Sanofi Pasteur, the vaccines global business
unit of Sanofi, a global healthcare leader,
SHORT ARTICLE
successfully launched the world’s first ever
dengue vaccine.
The vaccine was tested on more than
30,000 volunteers in 15 countries around the
world, and was proven to be able to prevent
the infection in 60% to 65% of the cases in
all 4 stereotypes of dengue viruses. On-umar
Banpamai, an infectious diseases specialist
at Samitivej Sukhumvit Hospital said, “The
vaccine shows around 93% efficacy in
reducing the severity of the disease and over
80% effectiveness in lessening the need
for hospitalization.” Moreover, WHO expects
the vaccine to be an integrated part of the
Global dengue prevention and control strategy
(2012-2020). In 2020, WHO objects this
vaccine to be able to reduce over 50% in
mortality and 25% reduction in morbidity due
to dengue.
In 2016, the vaccine is approved in various
countries in tropical areas, namely, Mexico,
Philippines, Brazil, El Salvador, Costa
Rica, Paraguay, Guatemala, Peru, Indonesia,
Singapore and Thailand.
Thailand plays an important role in
developing the world’s first dengue
vaccine.
Thai researchers and clinicians have long
been in the forefront of efforts to better
understand and treat dengue infections and
the Faculty of Tropical Medicine, Mahidol
University has played a particularly key role
over the years in development in the field
of dengue research. With an advancement in
technologies in biotechnology field in Thailand,
together with the quality Thai researchers,
Thailand is becoming an attractive destination
for researches and developments.
The world’s first ever dengue vaccine,
a historic milestone paving
the way to significantly
impact dengue burden
in endemic countries
Thai
researchers
and clinicians
have long
been in the
forefront of
efforts to
better
understand
and treat
dengue
infections.

8. Thailand Investment Review
8 I FEBRUARY 2017
COMPANY INTERVIEW
M
ost people would have varying
degrees of fear when talking about
eating insects, with the inevitable
‘yuck factor,’ but who could have imagined
that this is a market that has been growing
massively in the past few years?
Insect consumption is also widely seen as
an important solution in helping to feed the
growing population, expected to reach over
9 billion by 2050.
Surprisingly, insects are consumed by
over 80% of people today in non-western
countries. According to experts, insects
will be an important alternative source of
protein for the future with protein levels are
at 70% in crickets.
The FAO says insects are an environmentally-
friendly food source, emitting considerably
far less in greenhouse gases than livestock,
consume less water and do not require large
swathes of land for production.
An underestimated market
In 2013, the Food and Agriculture Organiza-
tion of the United Nations (FAO) published
“Edible Insects: Future Prospects for Food and
Feed Security,” encouraging global citizens to
consume edible insects.
The European Union (EU) has taken
further steps in this field, agreeing on new
food regulations allowing the import and
consumption of new and innovative foods
Insects will be
an important
alternative
source of
protein for the
future with
protein levels
are at 70% in
crickets.
Crickets - from insects to food revolution
“Cricket Pasta Anyone?
Bugsolutely produces pasta from
cricket flour in Bangkok. The company
anticipates exponential growth
in this market.”

9. Thailand Investment Review
FEBRUARY 2017 I 9
produced from edible insects. These regula-
tions will take effect on January 1, 2018, and
are expected to greatly increase demand for
edible insects.
While the FAO publication generated an
unusual amount of attention, the EU’s action
provided a stamp of official approval,
prompting market interest and expansion,
with a flood of new businesses entering this
growing market worldwide.
According to an analysis from GMI, the
edible insect market is financially promising
with 2015’s revenue at just over THB 1.1 billion
(USD 33 million), with a 40% CAGR expected
in the following years. By 2023, global revenue
is forecast to exceed THB 18.3 billion (USD
522 million).
The main segment in this market is
powder/flour, such as cricket flour. It is
undergoing rapid growth and is set to grow
30 times over the next five years. As concerns
over food security and the future of food
meet food technologies, the market is moving
towards introducing more efficient protein
sources with impressive nutritional profiles
for both humans and livestock.
In Thailand, the cricket market has
undergone massive growth in just the past
2-3 years. In 2015, the market value was
roughly THB 1 billion (USD 29 million), which is
the largest in Asia-Pacific, and second largest
in the world after Canada.
“Within the next five years, especially if
the EU starts implementing the new regulation
on novel foods, a lot of investors will flood
into Thailand,” predicted Yupa Hanboon-
song, an entomology expert at Khon Kaen
University’s Faculty of Agriculture.
Bugsolutely – producing pasta from
crickets
Massimo Reverberi, the Italian-born director
of Bugsolutely – a Bangkok-based company
that produces pasta from cricket flour made in
Thailand, is at the forefront of this unfolding
trend and sees the huge potential of the
nutritional and economic benefits in crickets.
The company’s main product is cricket
pasta, considered an innovative super-food
launched last year.
Currently, the products are exported to
South Korea, with an agreement soon to be
completed with a distributor in Great Britain.
Mr. Reverberi now has his sights set on
markets in the US, Australia, New Zealand
and Japan.
Confident that this market has the potential
for exponential growth in the future,
Bugsolutely is planning for vertical integration
by producing its cricket flour in-house
to further reduce the cost of production, and
to expand its production capacity to capture
the increasing demand, both domestically and
internationally.
Huge opportunity for Thailand as a
production hub to serve global
demand
There are many businesses dealing with
insects in Thailand in food production but also
in other industries, such as the medical sector.
For instance, a Belgian business making
supplementary food capsules from cricket
flour successfully convinced several private
Thai hospitals to use their capsules to help
patients get their weight under control.
Insect farming in Thailand can serve both
human consumption as well as animal feed,
while cricket farming in Thailand is one of the
main sources of food for numerous chicken
and pork farms from leading agriculture and
food companies in Thailand.
There are several reasons why Thailand is
a leading country in this industry and why
many companies decided to choose Thailand
as their production hub. First, Thailand has an
abundant supply of edible insects, which has
attracted a lot of new and emerging western
companies. Second, Thailand has farmed
crickets for over 20 years with advanced
techniques which ensure that crickets are
clean and safe. Third, the cost of production is
favorable compared with Canada, the world’s
largest cricket producer. While Canadian
cricket flour costs between THB 2,100 to
4,800 (USD 60 to 137) per kilo, Thailand
produces cricket flour at THB 700 and 900
(USD 20 to 26) per kilo.
However, Thailand is aiming to capture
further growth and development in the edible
insects market. The Thai Ministry of Agri-
culture expects to obtain the “Good Agri-
culture Practice (GAP)” certification for cricket
farming by 2017. This will further enhance
Thailand’s reputation as the go-to destination
for investors who think of alternative protein
sources and making insects part of a
sustainable diet in the future.
Thailand
has farmed
crickets
for over 20
years with
advanced
techniques
which ensure
that crickets
are clean and
safe.

10. Thailand Investment Review
On January 16, 2017, Dr. Bonggot Anuroj, Senior Executive
Advisor, welcomed the delegation from Nepal at the One Start
One Stop Investment Center (OSOS). She gave a presentation
on BOI’s investment promotion policies and its facilitation and
services for investors.
Deputy Prime Minister, Dr. Somkid Jatusripitak led the Thai
delegation comprised of economic ministers, high-ranking
government officials, and key business persons on a roadshow
to Myanmar from February 2-5, 2017. Dr. Somkid delivered the
keynotespeechon“Thailand-MyanmarBusinessCooperation”
to highlight the close cooperation between the two countries
and to encourage increased bilateral trade and investment, at
a business meeting organized by the Board of Investment
(BOI) in Yangon on February 3, 2017.
BMW Global Sourcing Day on January 12, 2017 at OSOS by Mr.
Wirat Tatsaringkansakul, Director of the BUILD Unit, BOI and
Carsten Mueller-Deiters, head of purchasing for BMW Group
Thailand. This collaboration between the BOI and BMW Group
Thailand will organize a business matchmaking event and
sourcing of suppliers for automotive parts to find quality Thai
automotive parts producers for global BMW group.
10 I FEBRUARY 2017
BOI’S MISSIONS AND EVENTS
Taiwan pact backs Thai agriculture and biotech sector
Taiwanese authorities have reached an agreement with the Thai government to
support the development of local information and communications technology in
agriculture and biotechnology. The accord will bring significant economic
opportunities for both countries, said Taiwan’s Science and Technology Minister Yang Hung-Duen. The development is
part of the Taiwanese government’s policy to expand beyond traditional high-tech hardware to ICT products, in which it
has long been a world leader, to the integration of hardware and software and higher-margin converged technologies. Mr.
Yang said ICT can play an enabling role in the advance of high-end medical devices and products, preventive medicine
and telemedicine through the use of biochips. He added that he foresees good prospects for medical biotechnology
because Thailand has considerable potential as a medical tourism hub in the region.
Government promoting rice megafarms
The government is committed to ramping up the rice megafarm scheme this year, for which it will provide soft loans,
machinery and agricultural equipment to farmers in order to cut production costs and raise productivity. Participating
farmers can borrow up to THB 5 million (USD 142,816) at 0.01% interest from the Bank of Agriculture and Agricultural
Cooperatives (BAAC), while the Commerce Ministry will be responsible for the marketing and sales of the rice, and finding
buyers. Ms. Chutima Bunyapraphasara, the Deputy Agriculture and Cooperatives Minister, said the rice megafarm
scheme will be developed and run this year on three different farming models based on different geographic locations
and demand from participating farmers. The megafarm project implemented last year entails participating farmers pooling
their rice farmland together into one large plot, after which modern equipment, including harvesting machinery, is
deployed. Acting as a group, participating farmers can negotiate for better access to markets and financial resources
such as loans. This grouping and joint management is intended to ensure efficiency in the entire rice business – from
planning to farming and marketing to distribution.
Thailand Investment Review

11. Thailand Investment Review
Demographics
Average Exchange Rates
(as of 1 Feb 2017)
Tax Rates
35.32 38.26 44.59 31.45 5.18
THB THB THB THB THB
FEBRUARY 2017 I 11
THAILAND ECONOMY-AT-A-GLANCE
US$ = 35.31 THB
Source: The Revenue DepartmentSource: Bank of Thailand
Note: JPY currency is for 100 Yen
Corporate income tax 10-20%
Withholding tax 1-10%
Value added tax 7%
Gross Domestic Product
GDP by sector
2015
Services
Agriculture
Industry
$395.2
billion
GDP/Capita projected
(2016)
$5,779.3
Total investment growth
(% yoy)
4.7% 4.2%
GDP growth
(% yoy)
2016
(projected)
2016
(projected)
3%
-
3.5%
Source: NESDB
Export Figures
Thailand export value
2009 2010 2011 2012 2013 2014 2015 2016F
0.25-
0.20-
0.15-
0.10-
0.05-
-
(trillion USD)
5.05%*
Note: *2009-2016 CAGR Source: Ministry of Commerce, NESDB
1
2
34
5
6
7
8
9
10
$92.55
billion
Literacy rate
(2015)
97%
Minimum wage
(2016)
300 Baht/day
8.49 US$/day
Population
(2016)
68 M
ASEAN population
(2016)
633 M
Source: United Nations
Other Economic Indicators
$208.4 billion
Total export
value (2016F)
63.3%
Capacity
utilization
(Dec 2016)
$171.9 billion
International
reserves (Dec 2016)
1.13
Headline
inflation (Dec 2016)
$36.5 billion
Current account
balance (2016F)
106.93
Headline consumer
price index (2016F)
(The base year is 2011=100)
$39.1 billion
Trade balance
(2016F)
96.4
Manufacturing
production
index (2016F)
Source: Bank of Thailand, Ministry of Commerce
33%
9%
58%
2015 2015
Top 10 exports (January-December 2016)
1 Motor cars, parts and accessories (12.2%)
2 Computer parts and devices (7.8%)
3 Precious stones and jewelry (6.6%)
4 Electronic integrated circuits (3.6%)
5 Plastic beads (3.6%)
6 Machinery and parts thereof (3.2%)
7 Rubber products (3.1%)
8 Chemical products (2.8%)
9 Petroleum products (2.6%)
10 Iron and steel and their products (2.4%)
2.8%

12. Thailand Investment Review
New York
Thailand Board of Investment,
New York Office
7 World Trade Center, 34th Fl.,
Suite F 250 Greewich St.,
New York, NY 10007 USA
Tel: +1 212 422 9009
Fax: +1 212 422 9119
Email: nyc@boi.go.th
Los Angeles
Thailand Board of Investment,
Los Angeles Office
Royal Thai Consulate-General
Boulevard, 3rd Fl, Los Angeles,
CA 90004 USA
Tel: +1 323 960 1199
Fax: +1 323 960 1190
Email: boila@boi.go.th
12 I FEBRUARY 2017
ABOUT BOI
The Office of the Board of Investment (BOI) is the principle goverment agency that operates under the Prime Minister’s
Office for the purpose of encouraging investment in Thailand. We at the BOI serve as the professional contact points for
investors, providing them with useful investment information and services. We offer business support and investment
incentive to foreigners investors in Thailand, including tax and non-tax incentives. A few non-tax incentives include
granting land ownership to foreigners and facilitating visas and work permits. Besides serving the needs of overseas
investors, we also offer consulttion services to Thai investors who are interested in investment opportunities abroad.
Head Office, Office of the Board of Investment
555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900 Thailand
Website: www.boi.go.th Email: head@boi.go.th
Thailand
Headquarters
Los Angeles New York
Paris
Frankfurt
Stockholm
Mumbai
Sydney
Beijing
Shanghai
Seoul
Tokyo
Osaka
Taipei
Guangzhou
BOI Overseas Offices
Paris
Thailand Board of Investment,
Paris Office
Ambassade Royale de Thailande
8, Rue Greuze 75116
Paris, France
Tel: +33 1 5690 2600-1
Fax: +33 1 5690 2602
Email: par@boi.go.th
Frankfurt
Thailand Board of Investment,
Frankfurt Office
Bethmannstr 58, 5.OG 60311
Frankfurt am Main Federal
Republic of Germany
Tel: +49 69 9291 230
Fax: +49 69 9291 2320
Email: fra@boi.go.th
Stockholm
Thailand Board of Investment,
Stockholm Office
Stureplan 4C, 4th Fl, 114 35
Stockholm, Sweden
Tel: +46 8 463 11 58, 72, 74-75
Fax: +46 8 463 11 60
Email: stockholm@boi.go.th
Mumbai
Thailand Board of Investment,
Mumbai Office
Royal Thai Consulate General
Express Tower, 12th Fl,
Barrister Rajni Petel Marg,
Nariman Point, Mumbai,
Maharashtra 400021
Tel: (91 22) 2204 1589-90
Fax: (91 22) 2282 1525
Email: mumbi@boi.go.th
Taipei
Thailand Board of Investment,
Taipei Office
Taipei World Trade Center,
3rd Fl, Room 3E40, No.5,
Xin-yi Road, sec.5, Taipei 110,
Taiwan, R.O.C.
Tel: +88 6 2 2345 6663
Fax: +88 6 2 2345 9223
Email: taipei@boi.go.th
Seoul
Thailand Board of Investment,
Seoul Office
#1804, 18th Fl, Daeyungak
Tower 25-5, 1-KA, Chungmu-Ro,
Chung-Ku, Seoul, 100-706, Korea
Tel: +82 2 319 9998
Fax: +82 2 319 9997
Email: seoul@boi.go.th
Beijing
Thailand Board of Investment,
Beijing Office
Royal Thai Ambassy, No.40
Guang Hua Road, Beijing,
100600, P.R. China
Tel: +86 10 6532 4510
Fax: +86 10 6532 1620
Email: beijing@boi.go.th
Shanghai
Thailand Board of Investment,
Shanghai Office
Royal Thai Consulate General
2nd Fl, 18 Wanshan Road,
Changning District, Shanghai
200336, P.R. China
Tel: +86 21 6288 3030 ext.828,829
Fax: +86 21 6288 3030 ext.827
Email: shanghai@boi.go.th
Guangzhou
Thailand Board of Investment,
Guangzhou Office
Royal Thai Consulate General,
No. 36 Youhe road, Haizhu
District, Guangahou, P.R.C.
510310
Tel: +86 20 8385 8988 ext.220-225
+86 20 8387 7770 (direct line)
Fax: +86 20 8387 2700
Email: guangzhou@boi.go.th
Tokyo
Thailand Board of Investment,
Tokyo Office
Royal Thai Ambassy, 8th Fl,
Fukuda Building West, 2-11-3
Akasaka, Minato-ku, Tokyo
107-0052 Japan
Tel: +81 3 3582 1806
Fax: +81 3 3589 5176
Email: tyo@boi.go.th
Osaka
Thailand Board of Investment,
Osaka Office
Royal Thai Consulate General,
Bangkok Bank Building, 7th Fl,
1-9-16 Kyutaro-Machi, Chuo-Hu,
Osaka 541-0056 Japan
Tel: +81 6 6271 1395
Fax: +81 6 6271 1394
Email: osaka@boi.go.th
Sydney
Thailand Board of Investment,
Sydney Office
Level 1, 234 George Street,
NSW 2000, Australia
Tel: +61 2 9252 4884
Fax: +61 2 9252 2883
Email: sydney@boi.go.th